It has already been stated how the Smarta Saraswats in the Keladi Kingdom (between the Chandragiri and the Sharavathi ) were forced to create a new Matha at Gokarna in about 1708 and how the first guru, Parijananasharma Swamy was succeeded by Shankarasharma Swamy (1720-57) and his samadhi at Chitrapur near Shirali in Uttara Kannada became the nucleus of the new Matha. The Swamis worship Bhavani Shankar. He was succeeded by Parijnanashram II. ( 1757) and in his life term initiated Shankarashram II. The latter wielded all authority when his guru was alive, and headed the Matha till 1785. His samadhi is at Malapur near Chandravar. Keshavashram the next Swamy was initiated in 1781, and succeeded to the Matha in 1785. "He adopted a policy of vigorous promotion of the matha and emphasized its centrality in defining the boundaries of the caste" says Conlon. The Swamy toured extensively in South Kanara, and Conlon further says that "He took the occasion of these visits to urge his flock to foreswear any accretions of Vaishnava practice in their ritual lives" (P.42).

His successor Vamanashram (1823-39) followed in turn by Krishnashram (183-64), Panduranagshram (1864-1915) and Anandashram (1915). Vamanashram had consecrated the Sita Ram temple at Bantwal in 1839. Pandurangashram, by expelling some of the followers and their relations from the Matha for undertaking oceanic travel had to face lot of opposition from the community, as those expelled included men like Shamrao Vithal, Narayan Chandavarkar and the Shirurs of Hubli, men of high standing in the community and the society at large. This bahishkara was withdrawn in 1934.  

Anandashram Swamy was succeeded by Parijnanashram swami. The Matha was well developed by the last-named Swami by restarting the rathotsava at Chitrapur, organizing a Museum in the Matha premises and initiating many other socio-cultural programs. This Swamy left the Matha and later passed away in 1991 without appointing a successor.